Hypebeast (08359) forms JV with Berrics in US Close
09/02/2018 18:46
(Infocast News) Hypebeast Limited (08359) announced that, on 8 February 2018, its US subsidiary, Hypebeast, Inc., entered into a JV Agreement with The Berrics, LLC (the JV Partner), an online skateboarding website platform based in Los Angeles, the US, in relation to the formation of The Berrics Company, LLC (The Berrics) in the US.

The Berrics will be engaged in the provision of skateboarding related digital content and advertising and offline event organization services. The Berrics shall be 51% owned by Hypebeast, Inc. and 49% by the JV Partner and remain a non-wholly-owned subsidiary of Hypebeast Limited after capital contributions.

Hypebeast, Inc. shall contribute US$750,000 in cash and the JV Partner shall contribute approximately US$2.5 million of assets by way of Contribution in Kind currently owned by the JV Partner and The Berrics shall assume US$1 million of liabilities of the JV Partner.

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